Investment Rating - The investment rating for the industry is "Outperform the Market" [1][4]. Core Views - The report indicates that Amer Sports has shown strong performance in Q3 2025, with revenue and profit exceeding previous guidance and Bloomberg consensus expectations. The growth is driven by the Salomon brand, DTC channels, and strong performance in Greater China and the Asia-Pacific region. Management has raised the full-year revenue, profit margin, and EPS guidance [2][3][34]. Summary by Sections Financial Performance - For Q3 2025, Amer Sports reported a revenue increase of 30% year-on-year to $1.756 billion, with adjusted net profit rising 161% to $185 million. The adjusted gross margin improved by 2.4 percentage points to 57.9%, and the adjusted operating margin increased by 1.3 percentage points to 15.7%, surpassing Bloomberg consensus expectations [2][7][8]. - Revenue growth was driven by all three business segments, with Technical Apparel up 31%, Outdoor Performance up 36%, and Ball & Racquet up 16%. The Greater China region saw a revenue increase of 47% [2][18]. Management Guidance - Management has raised the full-year revenue growth forecast to 23-24%, with an expected contribution of 100 basis points from exchange rates. The adjusted gross margin is now projected to be around 58%, and the adjusted operating margin is expected to be between 12.5% and 12.7% [32][33]. Business Segment Performance - Technical Apparel: Revenue increased by 31% (fixed exchange rate +32%), driven by strong performance in all regions and channels, particularly in women's products [15]. - Outdoor Performance: Revenue grew by 36% (fixed exchange rate +32%), with significant contributions from footwear and apparel. The DTC channel saw a 67% increase [16]. - Ball & Racquet: Revenue rose by 16% (fixed exchange rate +16%), primarily driven by strong sales in apparel and the tennis segment [17]. Regional Performance - Revenue growth by region: Greater China +47%, Asia-Pacific +54%, North America +12%, and EMEA +23%. All business lines performed well across these regions [18]. Channel Performance - DTC channel revenue increased by 51% to $720 million, accounting for 41% of total revenue, while wholesale revenue grew by 18% [18].

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [1][5][32] Core Insights - The report highlights that Amer Sports' Q1 performance exceeded both Bloomberg consensus expectations and the company's prior guidance, leading management to raise full-year revenue and EPS guidance. The company experienced double-digit growth across all business lines, channels, and regions, with manageable tariff risks [2][3][32] - In Q1 2025, Amer Sports reported a revenue increase of 23% year-on-year to $1.473 billion, with an adjusted net profit of $148 million, significantly up from $39 million in the same period last year. The gross margin and adjusted operating profit margin reached historical highs [7][9][11] - The management has adjusted the full-year revenue growth forecast to 15-17%, with an expected EPS of $0.67-0.72, reflecting confidence in the company's performance [27][32] Summary by Sections Performance Overview - In Q1 2025, revenue grew by 23% to $1.473 billion, with a fixed exchange rate growth of 26%, surpassing Bloomberg's consensus of 16% and the company's previous guidance of 14-16% [2][7] - The adjusted gross margin increased by 330 basis points to 58.0%, exceeding expectations, driven by favorable channel, geographic, and product mix [9][11] - Adjusted EBITDA reached $299 million, with an adjusted EBITDA margin of 20.3% [6][9] Business Segment Performance - Technical Apparel: Revenue increased by 28% to $664 million, with strong growth in women's and footwear categories [11][14] - Outdoor Performance: Revenue rose by 25% to $502 million, driven by strong DTC channel growth and successful product launches [11][14] - Ball & Racquet Sports: Revenue grew by 12% to $306 million, primarily driven by the Wilson Tennis 360 series [11][14] Regional Performance - Greater China: Revenue increased by 43%, driven by strong performance across all business lines [15] - North America: Revenue grew by 12%, with notable growth in Technical Apparel and Wilson Tennis products [15] - EMEA: Revenue rose by 12%, supported by Technical Apparel and Outdoor Performance [15] Channel Performance - DTC Channel: Revenue increased by 39% to $690 million, accounting for 47% of total revenue [7][15] - Wholesale Channel: Revenue grew by 12%, with a positive turnaround in Salomon's wholesale business [15] Management Guidance - The management has raised the full-year revenue growth forecast to 15-17%, with an adjusted EPS guidance of $0.67-0.72 [27][32] - For Q2 2025, revenue growth is expected to be between 16-18%, with an adjusted gross margin of 57-58% [31][32]